ETH/USD Heads to $1600 Resistance

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The Ethereum price prediction reveals that ETH could still follow the bullish movement, despite the recent price falls that hit the market.

Ethereum Prediction Statistics Data:

Ethereum price now – $1585.97
Ethereum market cap – $194.2 billion
Ethereum circulating supply – 122.3 million
Ethereum total supply – 122.3 million
Ethereum Coinmarketcap ranking – #2

ETH/USD Market

Key Levels:

Resistance levels: $2000, $2200, $2400

Support levels: $1200, $1000, $800

ETH/USD is likely to cross above the upper boundary of the channel as the price faces the resistance level of $1600. At the time of writing, the Ethereum price is recovering above $1550 while the 9-day moving average remains above the 21-day moving average. Meanwhile, the second digital asset could start another decline unless it surpasses and stays above the main $1600 resistance zone.

Ethereum Price Prediction: Would Ethereum Hold Above $1500?

According to the daily chart, the Ethereum price is currently hovering at the resistance level of $1585 and the initial support could still be created below the previous low at $1545. Once the coin eliminated this level, the sell-off may begin with the next focus on the $1500 level. Therefore, if this support level drops further, the downward momentum could begin to snowball, and the next closest supports may be located at $1200, $1000, and $800.

As the daily chart reveals, bulls must realize the need to cross above the upper boundary of the channel before they can get to the potential resistance levels. Above this handle, traders may need to consider a sustained move for the extended recovery to the resistance levels of $2000, $2200, and $2400. Meanwhile, the Relative Strength Index (14) is likely to cross above the 60-level, which could give additional bullish signals, and this could be possible if the 9-day MA remains above the 21-day MA.

Against Bitcoin, buyers are making effort to step back into the market as the coin is showing some promising signs. On the upside, if the price crosses above the upper boundary of the channel, the nearest resistance level could be located at 8500 SAT and above.

On the contrary, any bearish movement beneath the 21-day moving average may reach another support at 7500 SAT. If the price drops further to create another low, lower support is located at 6800 SAT and below. The Relative Strength Index (14) moves to cross above 60-level which indicates that the market may follow the bullish movement.

The IMPT Presale Is Still Very Hot

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